IIR: Technology is Helping Specialty Lines Become Impressively “Normal”
With Celent referring to 2018 as “the year of the insurance platform,” it’s best to think about developing specialty projects within this context. Insurance platforms are similar to disparate core systems such as policy, billing, and claims, but are interconnected through better data capture and processing to enable more tailored user experiences. A new workers’ compensation product built on an insurance technology platform has pre-established hazard codes, rates, and burgeoning regulations that guide development. This makes basic data capture, processing, and rule development needs more uniform. That allows for an out-of-the-box solution to get to market quickly and be altered as feedback dictates. In other words, the number of relevant data sources that insurers can easily capture and process through APIs positively affects internal operations and opens up opportunities for better customer experience.